E-commerce site JD.com announced that its platform has accepted China’s digital currency, Digital Yuan as a means of payment. Its fintech branch, JD Digits, will receive Digital Yuan on several products at the online mall.
By the entry of Digital Yuan, JD.com is the first platform in China to accept the digital currency.
In addition, Digital Yuan was also distributed to the public in a currency giveaway trial program for the people of Suzhou, near Shanghai.
Under the Suzhou program, the city government and the People’s Bank of China or PBOC gave 200 red envelopes containing Digital Yuan. There are 100 thousand lucky consumers who were selected by lottery.
PBOC Shares Digital Yuan
This money sharing program is the second time it has been conducted by PBOC. Previously, the bank issued 10 million Yuan worth of digital money to 50,000 people in southern Shenzhen. The people of Shenzhen who get the digital money also go through a lottery process.
PBOC Governor Yi Gang said last month more than 2 billion Yuan had been spent using digital currency. Everything is divided into 4 million separate transactions.
Digital Yuan is considered to be one of the most sophisticated central bank digital currencies in the world. Meanwhile for Bitcoin and Facebook’s Libra, it is considered to be a currency threat from the private sector.
Libra was introduced by Facebook in 2019. It was planned to be released in Semester 1 2020, but it was finally delayed due to opposition from central banks in a number of countries in the world.